Christina Sheehan
Intrepid PotashAbout Christina Sheehan
Christina C. Sheehan (age 42) serves as Intrepid Potash’s General Counsel and Corporate Secretary, a role she has held since May 2022 after serving as Deputy General Counsel from December 2021 to May 2022; prior to Intrepid, she was a partner at Modrall, Sperling, Roehl, Harris & Sisk, P.A. from September 2009 to November 2021 . Her annual compensation in 2024 totaled $1,064,322, reflecting increased leadership responsibilities during the CEO transition; her base salary rose to $338,000 (from $310,000 in 2023), she received a retention/transactional bonus of $187,500, equity awards with grant-date fair value of $299,965, and a performance bonus of $221,538 under the 2024 Bonus Program tied to Adjusted EBITDA, production cost per ton, capital investments, HSE metrics, and individual goals . Company-wide performance against 2024 targets was strong: Adjusted EBITDA achieved $35.5 million versus a $25.6 million target (200% payout for that element), production costs beat targets, and total weighted payout was 131.1%—the basis for her annual incentive payout .
Past Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Intrepid Potash, Inc. | Deputy General Counsel | Dec 2021–May 2022 | Promoted to General Counsel and Corporate Secretary thereafter |
| Intrepid Potash, Inc. | General Counsel & Corporate Secretary | Since May 2022 | Current executive officer role |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Modrall, Sperling, Roehl, Harris & Sisk, P.A. | Partner | Sep 2009–Nov 2021 | Senior legal practice experience (law firm partnership) |
Fixed Compensation
| Component | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $315,577 | $335,379 |
| Retention/Transactional Bonus ($) | $73,501 | $187,500 |
| All Other Compensation ($) | $16,689 | $19,940 |
| Base Salary at Year-End ($) | $310,000 | $338,000 (+9%) |
Perquisites detail (2024):
- 401(k) Contributions: $12,872
- Perquisites and Other Personal Benefits: $2,100
- Supplemental Long-term Disability Premiums: $2,482
- Miscellaneous: $2,486
- Executives eligible for gym membership allowance, paid parking/mass transit, and reimbursement for regular physical exams (with tax reimbursement under certain circumstances) .
Performance Compensation
Annual Incentive Program (2024):
| Metric | Weight | Target | Actual | Payout | Weighted Payout |
|---|---|---|---|---|---|
| Adjusted EBITDA | 25% of Company | $25.6M | $35.5M | 200% | 37.5% |
| Production Cost per Ton – Potash | 25% of Company | $239/ton | $218/ton | 135% | 25.4% |
| Production Cost per Ton – Trio® | 5% of Company | $233/ton | $201/ton | 154% | 5.8% |
| Capital Investments – Key Opportunity Projects | 25% of Company | 85% of project goals | 85% achieved | 100% | 18.8% |
| HSE – TRIR | 10% of Company | 1.25 | 0.86 (31.2% improvement) | 200% | 15.0% |
| HSE – Safety Metrics Compliance | 5% of Company | 95% of metrics | Achieved 95% | 100% | 3.8% |
| HSE – Regulatory Remediation | 5% of Company | $500,000 | Exceeded $625,000 | 0% | 0.0% |
| Individual Performance | 25% of Total | N/A | N/A | 100% | 25.0% |
| Total Weighted Payout | — | — | — | — | 131.1% |
Annual Incentive Outcome (Christina Sheehan, 2024):
| Item | Value |
|---|---|
| Base Salary at Year-End | $338,000 |
| Target Bonus % of Salary | 50% |
| Target Bonus ($) | $169,000 |
| Payout (% of Target) | 131.1% |
| Actual Bonus Paid ($) | $221,538 |
Equity Awards (2024 grants to Christina Sheehan):
| Grant Date | Award Type | Shares/Units (Target) | Grant-Date Fair Value ($) | Vesting |
|---|---|---|---|---|
| 3/15/2024 | Time-based Restricted Stock (RSA) | 7,743 | $149,982 | Vests in 3 equal annual installments starting 3/15/2025, subject to continued employment |
| 3/15/2024 | Performance-based Restricted Stock (PSAs) | 8,426 | $149,983 | Stock price hurdles: 33.33% vest 3/15/2025 at ≥$21.31; 33.33% vest 3/15/2026 at ≥$22.28; 33.33% vest 3/15/2027 at ≥$24.21; all thresholds met as of 12/31/2024 |
Options Exercised and Stock Vested (2024):
| Item | Christina Sheehan |
|---|---|
| Option Exercises (Shares/Value) | None |
| Restricted Stock Vested (Shares/Value) | 1,494 / $28,939 |
Equity Ownership & Alignment
Beneficial Ownership (as of April 7, 2025):
- Total Shares Beneficially Owned: 22,876; less than 1% of shares outstanding (13,320,590) .
- Company policy: hedging transactions require pre-approval; short sales prohibited; pledging generally not allowed except under special circumstances approved by the Audit Committee; no officer or director currently has any Company securities pledged . To our knowledge, no directors or executive officers have pledged any shares they beneficially own .
- Stock ownership guidelines: all directors and executives are in compliance or within the phase-in period .
Outstanding Equity Awards at 12/31/2024 (unvested position snapshot):
| Grant Date | Type | Unvested Shares/Units | Market Value ($, at $21.92/sh) |
|---|---|---|---|
| 3/17/2022 | Time-based RS | 216 | $4,735 |
| 3/17/2023 | Time-based RS | 2,559 | $56,093 |
| 3/17/2023 | PSUs (equity incentive) | 4,040 | $88,557 |
| 3/15/2024 | Time-based RS | 7,743 | $169,727 |
| 3/15/2024 | PSAs/PSUs (equity incentive) | 8,426 | $184,698 |
Vesting & Selling Pressure Indicators:
- Time-based RS vest in three equal annual installments beginning on the first anniversary of grant .
- 2024 PSAs for Sheehan are tied to stock price hurdles already met by 12/31/2024, implying scheduled vesting around 3/15/2025, 3/15/2026, and 3/15/2027 (subject to continued employment); executives may only trade during permitted windows under the Insider Trading Policy .
Employment Terms
Change-in-Control and Termination Economics (Christina Sheehan):
| Trigger | Cash Severance | Year-of-Termination Bonus | Accelerated Vesting (Time-based) | Accelerated Vesting (Performance-based) | Health & Welfare | Outplacement | Total |
|---|---|---|---|---|---|---|---|
| Change in Control + Qualifying Termination | $419,379 | $117,250 | $230,555 | $184,698 | $10,304 | $5,000 | $967,186 |
Policy terms for executives (non-CEO):
- Double-trigger: within 24 months of a change in control, lump sum equal to one times annual salary plus one times average of last two years’ annual bonus; current year’s target annual bonus pro-rated; accelerated vesting of outstanding time-based awards and performance awards that have met targets; continuation of health and welfare benefits up to one year; outplacement services up to $5,000; subject to non-solicitation and related provisions .
- Noncompetition/Non-solicit: if voluntarily leaving or terminated for cause, executives will not solicit Intrepid employees or work for a customer or competitor for 12 months post-termination .
- Clawback: Board adopted a compensation clawback policy on September 14, 2023 requiring recovery of erroneously awarded incentive compensation for restatements and allowing recovery for misconduct events .
Retention Compensation (2024):
- During the CEO’s medical leave and transition, Sheehan received cash retention payments of $25,000 per month until the new CEO’s appointment became effective in December 2024; her “Bonus” column reflects transactional/retention bonuses tied to increased interim responsibilities .
Investment Implications
- Pay-for-performance alignment: Sheehan’s annual incentive was driven by hard metrics—Adjusted EBITDA, production costs, capital project delivery, and safety—yielding a 131.1% payout on target; this reduces discretion and ties cash incentives to profitability and operational efficiency .
- Equity alignment and vesting catalysts: 2024 equity awards split ~50/50 between time-based RS and PSAs tied to stock-price hurdles already met, creating scheduled vesting dates across March 2025–2027; watch trading windows around those dates for potential supply from vesting, noting policy restrictions on trading windows and hedging/pledging .
- Retention and change-in-control risk: Sheehan’s change-in-control economics are modest relative to CEO/CFO, suggesting manageable severance exposure but meaningful accelerated vesting upon double-trigger events; non-solicit and noncompete terms mitigate immediate competitive leakage risk .
- Governance safeguards: No pledging by officers/directors, insider trading controls, and an explicit clawback policy reduce alignment risks and reputational overhang, supportive of governance quality and reducing adverse trading signals from governance controversies .